Seafood Processing Market Research Report - Forecast till 2027

Seafood Processing Market Research Report: Information by Equipment Type (Gutting Equipment, Sealing Equipment, Filleting Equipment, Deboning Equipment and other Equipment), Category (Single-Function Equipment and Multi-Function Equipment), Seafood Type (Fish, Crustaceans, Mollusks and others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/F-B & N/7140-HCR | February 2021 | Region: Global | 90 pages

Seafood Processing Market Synopsis


Seafood Processing Market size is projected to reach approximately USD 3.15 Billion by 2027 at a CAGR of 5.97% between 2020 and 2027. The growth of the market can be attributed to the increasing demand for processed seafood across the globe. The tremendous growth of the aquaculture industry in the recent past has contributed to the seafood processing market growth. Aquaculture production increased by approximately 4 million tonnes from 2015 to 2016. This is driving the demand for quality equipment for the processing of seafood. Moreover, the focus on food safety and implementation of food quality regulations in various countries are leading seafood processors to invest in high-quality processing equipment at their seafood processing plants. The rising demand for convenience foods, especially among the increasing working population with hectic schedules, is contributing to the growth of the global seafood processing industry. The global convenience food market was valued at approximately USD 245 billion in 2018. The increasing number of small- to medium-scale fisheries in the underdeveloped countries in Asia and Africa is further boosting the growth of the seafood processing market.


Market Synopsis


Seafood Processing Market is growing with the increasing demand for processed and convenience foods. There is a surge in demand for canned, smoked, and frozen seafood, which is boosting the seafood processing industry growth. The growing health-conscious population is inclined toward the consumption of protein-rich seafood. This has increased seafood trade, which is expected to boost the growth of the global market across the globe. Moreover, fish processing by-products such as fishmeal, fish body and liver oils, and fish maw are increasingly being used in industrial applications. To cater to the growing consumer demand, seafood processors are investing in the expansion of their seafood processing plants and technologically advanced equipment. A focus on R&D and technological advancements by seafood processing equipment manufacturers are also fueling the seafood processing market growth.


Market USP


Growing demand for processed seafood


Market Drivers



  • Growth of the aquaculture industry: The market for capture fish production has been stagnant for the past few decades, which has increased the dependency on aquaculture. This has led to aquaculture becoming the fastest-growing food production industry with an increasing number of fisheries. Aquaculture production is projected to reach 109 million tons by 2030. This growth in aquaculture is expected to drive the growth of the seafood processing market.



  • Rising adoption of advanced equipment for production efficiency



  • Regulations promoting food safety and food quality



  • Increasing health-conscious population


Market Restraint 



  • Need for high capital investments


Segmentation


By Equipment Type



  • Gutting Equipment



  • Scaling Equipment



  • Filleting Equipment: This segment is projected to be the fastest-growing during the forecast period due to the increasing demand for processed seafood in the form of fillets. Moreover, the key players are focusing on product innovation of filleting equipment with multiple functions.



  • Deboning Equipment



  • Other Equipment


By Category



  • Single-Function Equipment



  • Multi-Function Equipment: The segment is projected to register a higher CAGR during the forecast period owing to increasing investments by seafood processing companies in technologically advanced equipment. Seafood processors are focused on increasing production efficiency and are, therefore, inclined toward automated equipment that serves multiple functions. This is driving the growth of the multi-function equipment segment of the global seafood processing market.


By Seafood Type



  • Fish: The segment is projected to dominate the global seafood processing market during the forecast period. The production and availability of a wide variety of fish for human consumption are driving the growth of the segment. In 2014, seafood farmers harvested around 8 million MT of finfish, which accounted for approximately 62% of the total seafood harvested that year.



  • Crustaceans



  • Mollusks



  • Others


By Region



  • North America



  • Europe



  • Asia-Pacific: Asia-Pacific dominated the seafood processing industry in 2018 and is projected to be the fastest-growing regional Market for Seafood Processing. The presence of an established aquaculture industry in China, India, Vietnam, and Bangladesh contributes to the dominance of the Asia-Pacific seafood processing industry. Moreover, economic growth in these developing countries has led to the adoption of advanced seafood processing equipment, which is projected to drive the growth of the seafood processing industry in the region.



  • Rest of the World


Key Players



  • Pisces Fish Machinery Inc. (US)

  • Marel (Iceland)

  • GEA Group (Germany)

  • Optimar AS (Norway)

  • Uni-Food Technic A / S (Denmark)

  • Baader Linco Inc. (US)

  • The Middleby Corporation (US)

  • JBT Corporation (US)

  • Skaginn 3X (Iceland)

  • Arenco AB (Sweden)

  • Zhengda Food Machinery Co.,Ltd (China)

  • KROMA A/S (Denmark)

  • Seafood Technology Limited (UK)

  • T.C. Food Equipment, Inc. (US)

  • SEAC AB (Sweden)



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 3.15 Billion (2027)
  CAGR   5.97% (2018-2027)
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Equipment Type, Category, Seafood Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Pisces Fish Machinery Inc. (US), Marel (Iceland),GEA Group (Germany), Optimar AS (Norway), Uni-Food Technic A / S (Denmark), Baader Linco Inc. (US), The Middleby Corporation (US), JBT Corporation (US), Skaginn 3X (Iceland), Arenco AB (Sweden), Zhengda Food Machinery Co.,Ltd (China), KROMA A/S (Denmark), Seafood Technology Limited (UK), T.C. Food Equipment, Inc. (US), SEAC AB (Sweden)
  Key Market Opportunities   Need for high capital investments
  Key Market Drivers

  • Growth of the aquaculture industry.
  • Rising adoption of advanced equipment for production efficiency.
  • Regulations promoting food safety and food quality.
  • Increasing health-conscious population


  • Frequently Asked Questions (FAQ) :


    Seafood processing market projected to grow at a 5.8% CAGR between 2019-2025.

    The Asia Pacific is expected to lead the seafood processing market.

    Seafood processing market is predicted to touch USD 2.3 billion by 2025.

    Growing aquaculture industry and regulations promoting food quality and safety are the key factors driving the seafood processing market.